USDJPY TECHS: Approaching The 20-Day EMA

• A government advisor to the China Government has suggested that China should raise consumption to a level close to that of developed countries over the next decade (source:  BBG)
• The HKMA has announced that an approval in principle agreement has been reached to expand the southbound bond connect for non-bank institutions giving more investors access to Chinese Government bonds.  (source: BBG).
• China’s Hang Seng led the way today rising +0.25% after yesterday’s dramatic fall. The CSI 300 didn’t follow suit and oscillated around where it started for the trading day whilst the Shanghai Composite rose +0.20% and Shenzhen was the outperformer up +0.70%.
• CNY: Yuan Reference Rate at 7.1754 Per USD; Estimate 7.2581
• Bonds: liquidity injection via the OMO remained supportive of bonds with the CGB 10YR  -0.07bp lower today at 1.81%

 Alibaba Group Holding Ltd. and BMW AG will team up to produce AI for cars in China, as the tech giant looks to monetize its emerging products and reach more customers. 

China’s No. 1 smartphone maker Vivo wants to increase sales from overseas markets like Southeast Asia to as much as 70% of revenue in two years, accelerating its global push as the world’s biggest handset market saturates.

Indonesia’s Bank Mandiri’s price was up over 8% after a larger than expected dividend was approved.

 LG Energy Solution signed a strategic partnership with Delta Electronics to expand into the US residential energy storage system (ESS) market, according to a company statement.

China Merchants Bank shares fall as much as 6.6% after reporting FY net income that met the average analyst estimate. Bloomberg Intelligence analyst warned of its jump in non-performing loans and expected weak outlook due to narrowing margins.

• China’s Hang Seng led the way today rising +0.25% after yesterday’s dramatic fall.  The CSI 300 didn’t follow suit and oscillated around where it started for the trading day whilst the Shanghai Composite rose +0.20% and Shenzhen was the outperformer up +0.70%.
• The KOSPI bounced back to deliver a positive day today, rising +1.20% and erasing the last two days of losses.
• Having delivered a positive day yesterday despite regional falls, the FTSE KLCI is up again today by +0.80%.
• The eyes of the region remain on Indonesia with the Jakarta Composite rising +3.35% following positive banking sector news.
• Singapore continues it’s good run rising +0.31% today in what has been a good period for the Straits Times Index, whilst the Philippines bucked the regional positivity today falling -0.26%
• India’s NIFTY 50 is opening marginally down this morning but has been on a very good run of gains in recent days.